Branded young fashion chain Envy Retail has been sold to a consortium of private equity investors including the boss of private equity firm SKG Capital, Chris Althorp-Gormlay.
The Envy business, which comprises 23 stores across the UK and 20 concessions in department store chains such as Debenhams, has been sold for an undisclosed sum.
The Envy chain was owned by FEC Holdings, a company run by retailer John Kinnaird.
The deal wil free up FEC Holdings to focus on its other investments, the 80-store Faith footwear chain and wholesale womenswear brand Chilli Pepper.
The sale of the Envy chain follows Kinnaird’s plan to axe the Envy name from the high street and convert all Envy stores to the Tom Wolfe brand name. In December last year Envy set about closing down 12 underperforming stores and rebranding the chain.
It is unclear if Althorp-Gormlay, chief executive of SKG Capital, will follow the strategy at the business going forwards.
Envy sells brands including French Connection, Fred Perry and Duck and Cover.